More change at Liberty Media as founder Malone steps down from chairman role

Another major change is underway at F1 owner Liberty Media with the news that chairman John Malone will step down from the board as of January 1, and will take up the role of chairman emeritus.

He will be replaced by current vice chairman Robert ‘Dob’ Bennett, who has been with the company since it was founded in 1991.

The news follows the change of president and CEO at the start of this year, with Derek Chang succeeding Greg Maffei as of February 1.

Liberty says that the 84-year-old Malone currently owns 49.5% of F1’s voting stock.

“Founding Liberty Media and serving as its chairman has been among the most rewarding experiences of my professional life,” said Malone in a statement.

“With the successful simplification of our portfolio in recent years and our operating businesses in positions of strength, I believe it is an appropriate time to step back from certain of my obligations, and I am very pleased to have Dob Bennett, my partner and colleague of 35 years, stepping into the chairman role.

“Dob has been involved in all key decisions throughout Liberty Media’s history, and I am confident that Liberty is well-positioned for the future. I look forward to remaining actively engaged as a large Liberty shareholder and a strategic advisor to our management and board.”

Bennett was a founding executive of Liberty in 1991, becoming a director in 1994, and serving as president and CEO from 1997 to 2005. He then joined the executive committee, becoming vice chairman on January 1 this year.

“I want to thank John for more than three decades of partnership and mentorship,” said Bennett.

“His legacy as a visionary business leader is without parallel and I am deeply grateful for his confidence. I speak for the entire board in thanking John for his extraordinary leadership as our chairman and for his continuing engagement as chairman emeritus.”

Chang added: “I share Dob’s respect and appreciation for the privilege of working with John over the years and for the platform he built in Liberty.

“We look forward to continuing to benefit from John’s partnership as a strategic voice and advisor as we pursue long-term value creation at Liberty Media and focus on sustained growth in our high-quality portfolio of assets.”